2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 6 - Fees and Taxes
Section 59A-6-5 - Distribution of office collections.
59A-6-5. Distribution of office collections.
A. All money received by the office of superintendent of insurance for fees, licenses, penalties and taxes shall be paid daily by the superintendent to the state treasurer and credited to the "insurance department suspense fund" except as provided by the Law Enforcement Protection Fund Act [Chapter 29, Article 13 NMSA 1978].
B. The superintendent may authorize the refund of money erroneously paid as fees, licenses, penalties or taxes from the insurance department suspense fund under request for refund made within three years after the erroneous payment. In the case of premium taxes erroneously paid or overpaid in accordance with law, refund may also be requested as a credit against premium taxes due in any annual or quarterly premium tax return filed within three years of the erroneous or excess payment.
C. If required by a compact to which New Mexico has joined pursuant to law, the superintendent shall authorize the allocation of premiums collected pursuant to Section 59A-14-12 NMSA 1978 to other states that have joined the compact pursuant to an allocation formula agreed upon by the compacting states.
D. The "insurance operations fund" is created in the state treasury. The fund shall consist of the distributions made to it pursuant to Subsection E of this section. The legislature shall annually appropriate from the fund to the division those amounts necessary for the division to carry out its responsibilities pursuant to the Insurance Code and other laws. Any balance in the fund at the end of a fiscal year shall revert to the general fund.
E. At the end of every month, after applicable refunds are made pursuant to Subsection B of this section and after any allocations have been made pursuant to Subsection C of this section, the treasurer shall make the following transfers from the balance remaining in the insurance department suspense fund:
(1) to the "fire protection fund", that part of the balance derived from property and vehicle insurance business;
(2) to the insurance operations fund, that part of the balance derived from the fees imposed pursuant to Subsections A and E of Section 59A-6-1 NMSA 1978 other than fees derived from property and vehicle insurance business; and
(3) to the general fund, the balance remaining in the insurance department suspense fund derived from all other kinds of insurance business.
History: Laws 1984, ch. 127, 105; 1985, ch. 29, 3; 1996, ch. 6, 2; 1999, ch. 289, 3; 2003, ch. 14, 19; 2004, ch. 5, 1; 2007, ch. 282, 4; 2011, ch. 156, 3; 2014, ch. 2, 2; 2017, ch. 1, 4.
